Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.
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MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.1% to its highest level since February 2022. It was headed for a weekly gain of 6%, thanks to a huge turnaround in Chinese shares.
China's blue chips jumped another 2.9%, bringing the weekly rise to 14%, the most since November 2008.
Hong Kong's Hang Seng index also surged 2.7% and was up 12% for the week, its best performance since 2009.
Chinese stocks are experiencing a remarkable rally, marking their best week since 2008. This surge is largely attributed to a huge stimulus package rolled out by Beijing aimed at reviving the economy. The stimulus has triggered a broad rally in trading across major exchanges, including Shanghai and Shenzhen, leading to significant gains in the market.
Treasury yields and the dollar fell while the Dow registered a record closing high on Friday as a subdued U.S. inflation report lifted expectations of an outsized interest rate cut at the Federal Reserve's November policy meeting.
MSCI's broadest index of Asia-Pacific shares outside Japan has been on a tear, gaining 1.1% to reach its highest level since February 2022. This boost was largely driven by a stunning turnaround in Chinese shares, which jumped 2.9% and are now up 14% for the week - their best performance since November 2008. Meanwhile, Hong Kong's Hang Seng index surged 2.7% and is now up 12% for the week, its best performance since 2009.These are some significant gain.
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